Help With Student Loans - HERE!

Niceke

I have a very old loan, now with the horrific Erudio.
I need to know the exact date it is written off....how/where can I find this?

silvercar

Niceke wrote: »

I have a very old loan, now with the horrific Erudio.
I need to know the exact date it is written off....how/where can I find this?

Aged under 40 when your last agreement for a loan was made (usually your last year of study)? It'll be wiped 25 years after your first payment of your last loan agreement (usually the start of your final year), or when you reach 50 – whichever is earlier.

Aged 40+ when your last agreement for a loan was made (usually your last year of study)? It'll be wiped when you reach 60.

Miss_Pea

Hi guys! I am looking for some advice. I got out a student loan from 1994 - 1998. I then moved to Spain for 10 years and lost contact with them and as a single mum have always been way under the threshold to pay them back. My fear is that this has gone to a debt collection agency. I am now trying to get out of this situation and want to do a 1 year PGCE to become a qualified teacher. My questions are:
Will it be possible for me to get another student loan?
Will I be sued for not paying this back, and expected to pay back straightaway even though under the threshold?
When with the previous loans be written off?
Thanks!

postgradproblems

Hi,
 I had a placement year during my 4 year degree and in that year student finance miscalculated my maintain grant (I wasn’t supposed to get any). At the time I rang them repeatedly and told them I didn’t think they had got it right but they assured me it was all correct. Now, 4 years later they are asking me to repay to £2000 they overpaid me. 

I’m just looking for any advice on where I stand with this or if it’s happened to anyone else and how they dealt with it.
It’s a lot of money for their mistake. 

Thanks

jxn101

Can anyone clarify how interest is calculated on a student loan, and when repayments are allocated against the balance? I'm on a plan 1 but can't seem to recreate what the SLC is charging. I've tried allocating all repayments at the end of the tax year as a worst case scenario and calculating interest daily throughout the year, but I'm still getting £50 - £100 less than the SLC is charging in its statements. I'm an employee and pay through PAYE so this should be straightforward!

TONITOPSON

Hi
I am all new to this so I apologize if I am not at the right place.
I took a 3-year course from 2015-2018 and was allowed grants and loans for the course. The first year I got all my entitlement from Student Loan Company but the following year they didn't pay me my grant arguing I was unduly paid the previous year.  I finished my course and got graduated only for SLC to send a letter asking me to pay back some only God knows grant overpayment. I am a bit confused as to how they could say I was overpaid when they didn't even pay me my grant the following year but did pay the third year normally. Any help would do as they have already sent my file to Debt collectors. Thanks

dadsgoneshopping

Hi,  I have several loans, both the old mortgage style, now owned by Erudio and newer income contingent loans.  If I used salary sacrifice to contribut to my pension, dropping my salary below the threshold, would this impact the repayment? Specifically the erudio ones, I hate paying so much to them, when they paid a pittance for the loans in the first place.

[Deleted User]

jxn101 said:

Can anyone clarify how interest is calculated on a student loan, and when repayments are allocated against the balance? I'm on a plan 1 but can't seem to recreate what the SLC is charging. I've tried allocating all repayments at the end of the tax year as a worst case scenario and calculating interest daily throughout the year, but I'm still getting £50 - £100 less than the SLC is charging in its statements. I'm an employee and pay through PAYE so this should be straightforward!

Compound interest: the annual interest rate is divided by the number of days in the financial year (366 for 19/20). The interest is then calculated and applied daily while they wait on your repayments being applied. Once the repayment is received, it's then applied and the interest for the period recalculated based on that repayment for that period.
Worth noting that a standard calculation or spreadsheet won't replicate the rules engine their repayment system uses, but it shouldn't be anywhere near £50 out let alone £100.



Disclaimer: Not an expert

[Deleted User]

dadsgoneshopping said:

Hi,  I have several loans, both the old mortgage style, now owned by Erudio and newer income contingent loans.  If I used salary sacrifice to contribut to my pension, dropping my salary below the threshold, would this impact the repayment? Specifically the erudio ones, I hate paying so much to them, when they paid a pittance for the loans in the first place.

Strictly speaking, your student loan repayments are calculated on your Gross Pay. This is your pay before *any* deductions, but the Mortgage Style system is not infallible.

Basically, it's just your luck about the incompetence of the person processing your deferment application.

Disclaimer: not an expert

[Deleted User]

TONITOPSON said:

Hi
I am all new to this so I apologize if I am not at the right place.
I took a 3-year course from 2015-2018 and was allowed grants and loans for the course. The first year I got all my entitlement from Student Loan Company but the following year they didn't pay me my grant arguing I was unduly paid the previous year.  I finished my course and got graduated only for SLC to send a letter asking me to pay back some only God knows grant overpayment. I am a bit confused as to how they could say I was overpaid when they didn't even pay me my grant the following year but did pay the third year normally. Any help would do as they have already sent my file to Debt collectors. Thanks

Say you were due a grant in year 1 of £300 but you were actually paid £500.

In year 2 you were due a grant of £100, you would still be entitled to that £100 but you wouldn't be paid it. Instead it would go towards the balance of £200 you were overpaid from year 1. 
In year 3 you weren't entitled to any grant at all. You would still owe them £100 from your overpaid grant from year 1.

Check your final entitlement from each year. The calculation will be relatively simple to confirm with them.

Disclaimer: not an expert